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Thursday, January 19, 2017

MFOB Meeting

MFOB Meeting

Interesting meeting yesterday in Room 230 of the State House. The Municipal Finance Oversight Board met to discuss Templeton's application to borrow MONEY (47.5 Million dollars) to fund the elementary school project.

There were many town officials in attendance: John Caplis chairman of Templeton BOS, Carter Terenzini interim Town Administrator, Superintendent of Schools, Mr. Roselli, the newest auditor, Kate Myers, treasurer/collector, the project OPM a whole roomful of people!

The Templeton Advisory Committee voted at Monday's night meeting to send a LETTER regarding the Advisory Committee's FINANCIAL concerns regarding the Town of Templeton's FINANCES and the impact of this borrowing for the town. 
Mary Jane Handy , the MFOB representative from the Department of Revenue Division of Local Services explained that Chapter 44A borrowing is a pubic bond program. the bonds are sold on the market and the debt service payments for these bonds are taken from that community's State Aid allocation. However, in Templeton's case, the Town of Templeton does not receive enough state aid to cover a bond of this magnitude ( $47.5 million). In addition the Town of Templeton is currently carrying TOO MUCH DEBT to be eligible for borrowing under Chapter 44A.

This MFOB meeting was not a debate on the merits of building an elementary school in Templeton, even an ill-fated elementary school. It was a meeting to determine if the Town of Templeton could find a way to borrow money because the Town of Templeton HAS NO BOND RATING!

Here's a newsflash Templeton residents- 
The Town of Templeton  has to be able to pay for the new school.

You might want to ask yourselves who brought the question of a new elementary school before the voters of the Town of Templeton?  Why would these people do that if the town's finances were not in good shape - without a bond rating? Without knowing the amount of debt the town was already carrying? Who would do that? 

The MFOB tabled the discussion on the bond application until March 8, 2017. 

So, jump up and down and stamp your feet! Get busy! Make those phone calls! Write those letters! Organize small children and haul them into the State House to say the pledge of  allegiance on March 8th!

Because that will change the amount of debt the Town of Templeton is carrying.



  1. I truly hope my letter had a little to do with the delay. Our town is in financial trouble and people who demand a new school we cannot afford need to be educated, ironic?

    1. You can change the numbers, you can present things in a different way, but it boils down to facts ! We have too much debt. Long term planning may have avoided this problem, if the people on the LTP Committee had done their job, maybe brought these projects up, and planned for them. As long as the different committees , L&W, School Committie do their own thing, this is the result.
      Good going, then blame the Advisory Board !! Go look in the mirror, all of you who would vote for your school articles, then leave the room, letting the "old people" figure out how to make ends meet, with small dollars.

  2. The thing that is absolutely astonishing to me is that our glorious leaders along with the "Rah, Rah, New School" people dont think paying $1710.00 per child, for every child, that will ever attend that school over its 50 year life,is to high.
    The fact that this one school alone will cost about 9% of the entire towns value should concern somebody.
    It should concern somebody that the information the townspeople were given when voting to fund the school was "Incomplete" is a nice way to put it. The Advisory Boards info regarding this article stated it would "increase the average tax by $1.83 per $1000. Nothing in that presentation stated at which point it ads $1.83.
    If I'm correct the presents NRSD funding is paid for by 2019. At that point the debt is done, but under this plan we keep paying that amount and ADD $1.83 for 30 years. This alone if I'm not mistaken would actually be about $2.50 per $1000. Thats a 40% increase. The way it was presented was deceitful......... At no time did $1.83 actually fund the school

  3. Not supporting the false message we received when it was sold at the town meeting.
    I was there and Dr. Henemen told the audience the tax rate would only increase the 1.80 ish due to the Gansett debt being finished would be the rest so our taxes would only be increased the amount due to the debt payment reduction amount.
    On the same token we were never told the big number as the actual cost and percentage of the tax rate for the next generation to deal with.

  4. David,

    Exactly! Why were we not told actual costs to finance this project. Instead, I suppose, trying to promote their agenda, our town leaders decided to only talk about the smallest number they could.
    I'm sure some people, probably not many, but some, voted thinking the old school debt would cut the number in half.

    The point that concerns me and I've asked DHB to look into is what its going to cost to maintain the new building compared to previous. It seems to me that Templeton is also adding to its yearly costs to operate this new school.

  5. I'd hope that all expenditures for this project are immediately placed on hold. No money should be spent until the taxpayers are assured whether they will or will not be financing its completion.

    If we dont get the MFOB approval, what happens? Whatever that is, it should be acted upon as if it has happened. We cannot spend money we dont have for a project we cannot complete.

    1. Another thing that was not mentioned , is the plan to dump a unknown amt. of water in the back yard of the houses on Wellington Road. It does seem that this plan may not fly because of the Cohen Bill. Never mind the fact that it may impact on the people on Dudley Road. If a retaining pond may have to be built, where is the money for that coming from ? The Highway Department, again ! God only knows if we will ever ever get our roads fixed. We get the government we deserve ! Vote for people with out a clue, or with one amends, and nothing will ever change ! Bev